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**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      DC 20549**

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**Form      10-Q**

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| x | Quarterly                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934 |
|---|--------------------------------------------------------------------------------------------------------------------------------------|

**For      the quarterly period ended September 30, 2005**

| o | Transition                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934 |
|---|---------------------------------------------------------------------------------------------------------------------------------------|

**EVCI      Career Colleges Holding Corp.**

| Delaware                                                                      | **06-1488212**                                      |
|-------------------------------------------------------------------------------|-----------------------------------------------------|
| (State                of other jurisdiction of incorporation or organization) | (IRS                Employer Identification Number) |

**1      Van Der Donck Street, 2**
**nd**

**      Floor, Yonkers, New York 10701**

**(914)      623-0700**

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**Table          of Contents**

**Table      of Contents**

|                                                                                                                                                                                                                |     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                                                                                                                | **Page** |
| **Part                I****Financial                  Information**                                                                                                                                                 |
|                                                                                                                                                                                                                     |     |
|                                                                                                                                                                                                                |     |
| **Item                1. Condensed Financial                Statements**                                                                                                                                            |          |
| Consolidated                Balance Sheets as of September 30, 2005                (unaudited) and December 31, 2004 (audited)                                                                                      | 1        |
| Consolidated                Statement of Operations for the three month and                nine month periods ended September 30, 2005 (unaudited) and September                30,                2004 (unaudited) | 2        |
| Consolidated                  Statement of Cash Flows for the nine month periods ended September                  30, 2005 (unaudited) and September 30, 2004                  (unaudited)                          | 3        |
| Notes                to Consolidated Financial                Statements                                                                                                                                            | 4        |
|                                                                                                                                                                                                                |     |
| **Item                2. Management’s Discussion and Analysis of Financial                Condition and Results of Operations**                                                                               |     |
| Overview                                                                                                                                                                                                            | 9        |
| Comparison                of the Three months ended September 30, 2005 and                2004                                                                                                                      | 12       |
| Comparison                of the Nine months ended September 30, 2005 and                2004                                                                                                                       | 15       |
| Liquidity                and capital resources                                                                                                                                                                      | 17       |
| Forward-looking                statements and risk                factors                                                                                                                                           | 18       |
|                                                                                                                                                                                                                |     |
| **Item                4. Controls and Procedures**                                                                                                                                                                  | 23       |
|                                                                                                                                                                                                                |     |
| **Part                II****Other                  Information**                                                                                                                                                    |
|                                                                                                                                                                                                                |     |
| **Item                1. Legal                Proceedings**                                                                                                                                                         | 23       |
|                                                                                                                                                                                                                |     |
| **Item                5. Other Information**                                                                                                                                                                        | 23       |
|                                                                                                                                                                                                                |     |
| **Item                6. Exhibits**                                                                                                                                                                                 | 24       |
|                                                                                                                                                                                                                |     |
| **Signatures**                                                                                                                                                                                                      | 27       |

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**Table          of Contents**

CONSOLIDATED      BALANCE SHEET

|                                                                                                                                                               |                             |                             |         |                            |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|----------------------------------|--------------|---------------------------------|--------|
|                                                                                                                                                               |                             | **September                30,** |         | **December                31,** |   |
|                                                                                                                                                               |                             | **2005**                         |         | **2004**                        |   |
|                                                                                                                                                                    |                        | **(unaudited)**                  |    | **(audited)**                   |   |
| **ASSETS**                                                                                                                                                         |                             |                             |         |                            |   |
|                                                                                                                                                               |                             |                             |         |                            |   |
| Current                assets:                                                                                                                                     |                             |                             |         |                            |   |
| Cash                and cash equivalents                                                                                                                           |                             | $                                | 9,893,392    |                            | $      | 10,504,308 |   |
| Student                accounts receivable, less allowance for doubtful accounts of $3,198,000                and $105,000, respectively                           |                             |                             | 25,045,636   |                            |   | 6,015,719 |   |
| Prepaid                expenses and other current assets                                                                                                           |                   |                             | 1,188,620    |                       |   | 137,410 |   |
| **Total                current assets**                                                                                                                            |                             |                             | 36,127,648   |                            |   | 16,657,437 |   |
|                                                                                                                                                               |                             |                             |         |                            |   |   |   |
| Property                and Equipment - net                                                                                                                        |                             |                             | 6,924,523    |                            |   | 4,733,185 |   |
| Intangible                assets                                                                                                                                   |                             |                             | 13,051,210   |                            |   | – |   |
| Goodwill                                                                                                                                                           |                             |                             | 5,061,934    |                            |   | 3,914,624 |   |
| Deferred                income tax asset, net of valuation allowance of $1,827,500                                                                                 |                             |                             | 5,557,500    |                            |   | 5,557,500 |   |
| Other                assets                                                                                                                                        |                   |                             | 3,207,852    |                       |   | 475,226 |   |
| **Total                Assets**                                                                                                                                    |                        | $                                | 69,930,667   |                       | $      | 31,337,972 |   |
|                                                                                                                                                               |                             |                             |         |                            |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**                                                                                                            |                             |                             |              |                            |   |   |   |
|                                                                                                                                                               |                             |                             |         |                            |   |   |   |
| Current                liabilities:                                                                                                                                |                             |                             |         |                            |   |   |   |
| Accounts                payable and accrued expenses                                                                                                               |                             | $                                | 5,538,231    |                            | $      | 3,046,707 |   |
| Income                taxes payable                                                                                                                                |                             |                             | –      |                            |   | 329,729 |   |
| Revolving                credit line                                                                                                                               |                             |                             | 2,000,000    |                            |   | – |   |
| Deferred                tuition revenue                                                                                                                            |                             |                             | 23,336,566   |                            |   | 1,834,510 |   |
| Current                portion of capital lease obligation                                                                                                         |                             |                             | 308,267      |                            |   | 275,329 |   |
| Current                portion of notes payable                                                                                                                    |                        |                             | 2,000,000    |                       |   | 318,907 |   |
| **Total                current liabilities**                                                                                                                       |                             |                             | 33,183,064   |                            |   | 5,805,182 |   |
|                                                                                                                                                               |                             |                             |         |                            |   |   |   |
| Capital                lease obligation, net of current portion                                                                                                    |                             |                             | 544,322      |                            |   | 585,337 |   |
|                                                                                                                                                               |                             |                             |         |                            |   |   |   |
| Notes                payable, net of current portion                                                                                                               |                             |                             | 11,000,000   |                            |   | 286,518 |   |
|                                                                                                                                                               |                             |                             |              |                            |   |   |   |
| Deferred                rent                                                                                                                                       |                        |                             | 807,846      |                       |   | 766,710 |   |
| **Total                liabilities**                                                                                                                               |                        |                             | 45,535,232   |                       |   | 7,443,747 |   |
|                                                                                                                                                               |                             |                             |         |                            |   |   |   |
| Stockholders'                Equity:                                                                                                                               |                             |                             |         |                            |   |   |   |
| Preferred                stock - $.0001 par value; authorized 1,000,000 shares: none issued                and                outstanding                          |                             |                             | –      |                            |   | – |   |
| Common                stock - $.0001 par value; authorized 20,000,000 shares; issued and                outstanding 12,595,999 and 12,329,603 shares, respectively |                             |                             | 1,264        |                            |   | 1,254 |   |
| Additional                paid-in capital                                                                                                                          |                             |                             | 51,929,328   |                            |   | 49,922,445 |   |
| Deferred                compensation                                                                                                                               |                             |                             | (1,000,000   | )                               |   | – |   |
| Accumulated                deficit                                                                                                                                 |                        |                             | (26,535,157  | )                               |   | (26,029,474 | ) |
| **Stockholders'                equity**                                                                                                                            |                        |                             | 24,395,435   |                       |   | 23,894,225 |   |
| **Total                Liabilities and Stockholders' Equity**                                                                                                      |                        | $                                | 69,930,667   |                       | $      | 31,337,972 |   |
|                                                                                                                                                               |                             |                             |         |                            |   |   |   |
|                                                                                                                                                               |                             |                             |         |                            |   |   |   |

**See      Notes to Consolidated Financial Statements**

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**Table          of Contents**

CONSOLIDATED        STATEMENT OF OPERATIONS

|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |
|--------------------------------------------------------------------------|--------------|-------------------------------------------------------------------|--------------|-----------------------------------------------|--------|------------|--------------|----------|------------|
|                                                                     |         | ** ****Three                    months ended September 30,** |         | ** ****Nine months ended September 30,** |   |
|                                                           |    | **2005**                                                          |    | **2004**                                      |   | **2005**   |    | **2004** |       |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |
| Net                    revenue                                           |         | $                                                                 | 9,962,420    |                                          | $      | 6,445,519  |         | $        | 29,702,668 |   | $ | 20,626,605 |   |
| Other                    income                                          |         |                                                              | 137,485      |                                     |   | 63,952     |         |     | 247,462    |    |   | 204,282 |   |
| Total                    revenue                                         |    |                                                              | 10,099,905   |                                     |   | 6,509,471  |         |     | 29,950,130 |    |   | 20,830,887 |   |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Operating                    expenses:                                   |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Cost                    of revenue                                       |         |                                                              | 3,553,572    |                                          |   | 2,012,841  |         |     | 9,334,351  |   |   | 5,521,691 |   |
| Selling,                    general and administrative                   |    |                                                              | 8,124,036    |                                     |   | 5,827,942  |         |     | 20,830,463 |    |   | 14,771,217 |   |
| Total                    operating expenses                              |    |                                                              | 11,677,608   |                                     |   | 7,840,783  |         |     | 30,164,814 |    |   | 20,292,908 |   |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Income/                    (Loss) from operations                        |         |                                                              | (1,577,703   | )                                             |   | (1,331,312 | )            |     | (214,684   | ) |   | 537,979 |   |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Other                    income (expense):                               |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Interest                    and financing costs                          |         |                                                              | (66,027      | )                                             |   | (34,166    | )            |     | (169,680   | ) |   | (150,572 | ) |
| Interest                    income                                       |    |                                                              | 30,931       |                                     |   | 15,944     |         |     | 78,681     |    |   | 47,876 |   |
|                                                                     |         |                                                              |              |                                          |   |            |         |     |            |   |   |  |   |
| Income/                    (Loss) before provision for income taxes      |         |                                                              | (1,612,799   | )                                             |   | (1,349,534 | )            |     | (305,683   | ) |   | 435,283 |   |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Provision/                    (Benefit) for income taxes                 |    |                                                              | (120,000     | )                                             |   | (170,000   | )            |     | 200,000    |    |   | 105,000 |   |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Net                    income/ (Loss)                                    |    |                                                              | (1,492,799   | )                                             |   | (1,179,534 | )            |     | (505,683   | ) |   | 330,283 |   |
|                                                                     |         |                                                              |              |                                          |   |            |         |     |            |   |   |  |   |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Net                    income/ (Loss) per common share:                  |         |                                                              |         |                                          |   |            |         |     |       |   |   |  |   |
| Basic:                                                                   |    | $                                                                 | (0.12        | )                                             | $      | (0.10      | )            | $        | (0.04      | ) | $ | 0.03 |   |
| Diluted:                                                                 |         | $                                                                 | (0.12        | )                                             | $      | (0.10      | )            | $        | (0.04      | ) | $ | 0.03 |   |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Weighted-average                    number of common shares outstanding: |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
| Basic                                                                    |    |                                                              | 12,432,867   |                                     |   | 12,208,645 |         |     | 12,412,218 |    |   | 11,768,668 |   |
| Diluted                                                                  |    |                                                              | 12,432,867   |                                     |   | 12,208,645 |         |     | 12,412,218 |    |   | 12,446,452 |   |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |
|                                                                     |         |                                                              |         |                                          |   |       |         |     |       |   |   |   |   |

**See        Notes to Consolidated Financial Statements**

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**Table            of Contents**

CONSOLIDATED          STATEMENT OF CASH FLOWS

|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|--------------------------------------------------------|--------------|--------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                       |                                 | **Nine                    months ended September 30,** |         |
|                                                                                                                                                                                                                                                                                                                                             |                            | **2005**                                               |    | **2004**                       |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |
| Cash                    flows from operating activities:                                                                                                                                                                                                                                                                                                   |                                 |                                                   |         |                           |   |
| Net                    income/ (loss)                                                                                                                                                                                                                                                                                                                      |                                 | $                                                      | (505,684     | )                              | $      | 330,283 |   |
| Adjustments                    to reconcile net income/ (loss) to net cash provided by operating                    activities:                                                                                                                                                                                                                            |                                 |                                                   |         |                           |   |   |   |
| Depreciation                    and amortization                                                                                                                                                                                                                                                                                                           |                                 |                                                   | 1,403,521    |                           |   | 633,220 |   |
| Bad                    debt expense                                                                                                                                                                                                                                                                                                                        |                                 |                                                   | 300,000      |                           |   | – |   |
| Non                    cash compensation expense                                                                                                                                                                                                                                                                                                           |                                 |                                                   | 302,976      |                           |   | 213,984 |   |
| Changes                    in operating assets and liabilities; net of effects of                    acquisition:                                                                                                                                                                                                                                          |                                 |                                                   |         |                           |   |   |   |
| Increase                    in students accounts receivable                                                                                                                                                                                                                                                                                                |                                 |                                                   | (5,012,805   | )                              |   | (12,528,709 | ) |
| Increase                    in prepaid expenses and other current assets                                                                                                                                                                                                                                                                                   |                                 |                                                   | (47,289      | )                              |   | (164,210 | ) |
| Increase                    in other assets                                                                                                                                                                                                                                                                                                                |                                 |                                                   | (35,992      | )                              |   | – |   |
| Increase/(decrease)                    in accounts payable and accrued expenses and income taxes                    payable                                                                                                                                                                                                                                |                                 |                                                   | (1,378,485   | )                              |   | 1,571,269 |   |
| Increase                    in deferred tuition revenue                                                                                                                                                                                                                                                                                                    |                                 |                                                   | 9,615,916    |                           |   | 10,819,870 |   |
| Increase                    in deferred rent                                                                                                                                                                                                                                                                                                               |                            |                                                   | 41,136       |                      |   | 577,290 |   |
| **Net                    cash provided by operating activities**                                                                                                                                                                                                                                                                                           |                            |                                                   | 4,683,294    |                      |   | 1,452,997 |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |              |                           |   |   |   |
| Cash                    flows from investing activities:                                                                                                                                                                                                                                                                                                   |                                 |                                                   |         |                           |   |   |   |
| Purchases                    of property and equipment                                                                                                                                                                                                                                                                                                     |                                 |                                                   | (2,417,652   | )                              |   | (1,726,851 | ) |
| Deposits                    required                                                                                                                                                                                                                                                                                                                       |                                 |                                                   | (1,042,940   | )                              |   | (289,758 | ) |
| Return                    of restricted certificates of deposit                                                                                                                                                                                                                                                                                            |                                 |                                                   | –      |                           |   | 259,252 |   |
| Repayment                    of notes receivable                                                                                                                                                                                                                                                                                                           |                                 |                                                   | –      |                           |   | 67,500 |   |
| Payments                    on accrued purchase price payable                                                                                                                                                                                                                                                                                              |                                 |                                                   | –      |                           |   | (2,815,383 | ) |
| Cash                    paid on acquisitions, net of cash received of $1,176,709                                                                                                                                                                                                                                                                           |                            |                                                   | (15,552,922  | )                              |   | – |   |
| **Net                    cash used in investing activities**                                                                                                                                                                                                                                                                                               |                            |                                                   | (19,013,514  | )                              |   | (4,505,240 | ) |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |   |   |
| Cash                    flows from financing activities:                                                                                                                                                                                                                                                                                                   |                                 |                                                   |         |                           |   |   |   |
| Principal                    payments on capital lease obligation                                                                                                                                                                                                                                                                                          |                                 |                                                   | (599,188     | )                              |   | (361,302 | ) |
| Principal                    payment on notes payable                                                                                                                                                                                                                                                                                                      |                                 |                                                   | (605,425     | )                              |   | (758,334 | ) |
| Proceeds                    from issuance of debt                                                                                                                                                                                                                                                                                                          |                                 |                                                   | 15,000,000   |                           |   | – |   |
| Payment                    of deferred financing costs                                                                                                                                                                                                                                                                                                     |                                 |                                                   | (780,000     | )                              |   | – |   |
| Proceeds                    from issuance of common stock                                                                                                                                                                                                                                                                                                  |                                 |                                                   | –      |                           |   | 9,348,841 |   |
| Proceeds                    from exercise of options and warrants                                                                                                                                                                                                                                                                                          |                            |                                                   | 703,917      |                      |   | 618,354 |   |
| **Net                    cash provided by financing activities**                                                                                                                                                                                                                                                                                           |                            |                                                   | 13,719,304   |                      |   | 8,847,559 |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |   |   |
| Net                    increase (decrease) in cash and cash equivalents                                                                                                                                                                                                                                                                                    |                                 |                                                   | (610,916     | )                              |   | 5,795,316 |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |   |   |
| Cash                    and cash equivalents at beginning of period                                                                                                                                                                                                                                                                                        |                            |                                                   | 10,504,308   |                      |   | 2,522,107 |   |
| Cash                    and cash equivalents at end of period                                                                                                                                                                                                                                                                                              |                            | $                                                      | 9,893,392    |                      | $      | 8,317,423 |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |              |                           |   |  |   |
| **Supplemental                    disclosures of cash flow information:**                                                                                                                                                                                                                                                                                  |                                 |                                                   |              |                           |   |  |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |              |                           |   |   |   |
| Cash                    paid during the period for:                                                                                                                                                                                                                                                                                                        |                                 |                                                   |              |                           |   |  |   |
| Interest                                                                                                                                                                                                                                                                                                                                                   |                            | $                                                      | 126,784      |                      | $      | 150,572 |   |
| Income                    taxes                                                                                                                                                                                                                                                                                                                            |                       | $                                                      | 135,501      |            | $      | 384,801 |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |  |   |
| **Supplemental                    schedule of noncash investing and financing                    activities:**                                                                                                                                                                                                                                             |                                 |                                                   |         |                           |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |   |   |
| Capital                    lease obligations incurred in the acquisition of equipment                                                                                                                                                                                                                                                                      |                            | $                                                      | 591,111      |                      | $      | 1,065,161 |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |   |   |
| The                    Company purchased all of the outstanding stock of Pennsylvania                    School of                    Business, Inc. and Technical Career Institutes, Inc. for an aggregate                    purchase price of $16,727,000. In conjunction with the acquisition,                    liabilities were assumed as follows: |                                 |                                                   |         |                           |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |   |   |
| Fair                    value of assets acquired                                                                                                                                                                                                                                                                                                           |                                 | $                                                      | 32,156,000   |                           |   | – |   |
| Cash                    paid for acquisitions                                                                                                                                                                                                                                                                                                              |                                 | $                                                      | 16,730,000   |                           |   | – |   |
| Liabilities                    assumed                                                                                                                                                                                                                                                                                                                     |                            | $                                                      | 15,426,000   |                      |   | – |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                       |                                 |                                                   |         |                           |   |   |   |

**See        Notes to Consolidated Financial Statements**

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**Table            of Contents**

NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS

**Note      1 - Business and Basis of Presentation**

*Interboro.*

*TCI*

*PSB.*

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**Table          of Contents**

**Note      2 - Stockholders’ Equity**

*Earning      per share*

|                                                                                                |   | **Three                months ended Sept 30,** |       | **Nine                months ended Sept 30,** |   |
|-----------------------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|-----------------------------------------------|--------|
|                                                                                                |   | **2005**                                       |       | **2004**                                      |   | **2005** |   | **2004** |   |
|                                                                                                |   |                                           |       |                                          |   |   |   |   |   |
| Basic                weighted average number of common shares outstanding                           |   |                                           | 12,432,867 |                                          |   | 12,208,645 |   |   | 12,412,218 |   |   | 11,768,668 |   |
| Effect                of assumed exercise of outstanding options                                    |   |                                           | –    |                                          |   | – |   |   | – |   |   | 425,615 |   |
| Effect                of assumed exercise of outstanding                warrants                    |   |                                           | –    |                                          |   | – |   |   | – |   |   | 252,169 |   |
| Diluted                weighted average number of shares of common stock                outstanding |   |                                           | 12,432,867 |                                          |   | 12,208,645 |   |   | 12,412,218 |   |   | 12,446,452 |   |
| Options                and warrants not included above*                                             |   |                                           | 2,318,594  |                                          |   | 1,812,873 |   |   | 2,318,594 |   |   | 416,438 |   |
|                                                                                                |   |                                           |       |                                          |   |   |   |   |   |   |   |   |   |

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| * | Not                included because their effect would be                anti-dilutive. |
|---|-----------------------------------------------------------------------------------------|

*Contingent      Stock Grant*

|                                                 |   |                                                                      |    |
|------------------------------------------------------|--------|---------------------------------------------------------------------------|---------|
|                                                 |   | **Targeted                percentage increase in income from operations** |    |
|                                                 |   | **25****%**                                                               |    | **20****%** |   | **15****%** |   | **10****%** |   |
|                                                 |   |                                                                      |    |   |   |   |   |   |   |
| Chairman                                             |   |                                                                      | 100,054 |   |   | 75,041 |   |   | 50,027 |   |   | 25,014 |   |
|                                                 |   |                                                                      |    |   |   |   |   |   |   |   |   |   |   |
| Chief                Executive Officer and President |   |                                                                      | 63,078  |   |   | 47,308 |   |   | 31,539 |   |   | 15,769 |   |

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**Table          of Contents**

**Note      3 -Revenue Recognition**

**Note      4 - Employee Stock Options**

|                                                                                                                                                                                     |   |                                           |       |                                          |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|-----------------------------------------------|--------|
|                                                                                                                                                                                     |   | **Three                months ended Sept 30,** |       | **Nine                months ended Sept 30,** |   |
|                                                                                                                                                                                     |   | **2005**                                       |       | **2004**                                      |   | **2005** |   | **2004** |   |
|                                                                                                                                                                                     |   |                                           |       |                                          |   |   |   |   |   |
| Reported                net income/(loss)                                                                                                                                                |   | $                                              | (1,492,799 | )                                             | $      | (1,179,534 | ) | $ | (505,683 | ) | $ | 330,283 |   |
| Add:                stock-based employee compensation expense included in recorded net                income,                net of related tax effects                                  |   |                                           | 100,992    |                                          |   | 192,384 |   |   | 302,976 |   |   | 213,984 |   |
| Deduct:                total stock-based employee compensation expense determined under                fair-value based method for all awards, net of related tax                effects |   |                                           | (284,551   | )                                             |   | (1,029,852 | ) |   | (848,653 | ) |   | (1,145,148 | ) |
| Pro                forma net income/(loss)                                                                                                                                               |   | $                                              | (1,676,358 | )                                             | $      | (2,017,002 | ) | $ | (1,051,360 | ) | $ | (600,881 | ) |
|                                                                                                                                                                                     |   |                                           |       |                                          |   |   |   |   |   |   |   |   |   |
| Reported                net income/ (loss) per common share:                                                                                                                             |   |                                           |       |                                          |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                                    |   | $                                              | (0.12      | )                                             | $      | (0.10 | ) | $ | (0.04 | ) | $ | 0.03 |   |
| Diluted                                                                                                                                                                                  |   | $                                              | (0.12      | )                                             | $      | (0.10 | ) | $ | (0.04 | ) | $ | 0.03 |   |
|                                                                                                                                                                                     |   |                                           |       |                                          |   |   |   |   |   |   |   |   |   |
| Pro                forma net loss per common share:                                                                                                                                      |   |                                           |       |                                          |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                                    |   | $                                              | (0.13      | )                                             | $      | (0.17 | ) | $ | (0.08 | ) | $ | (0.05 | ) |
| Diluted                                                                                                                                                                                  |   | $                                              | (0.13      | )                                             | $      | (0.17 | ) | $ | (0.08 | ) | $ | (0.05 | ) |

----

**Table          of Contents**

**Note      5- Acquisitions **

*Pennsylvania      School of Business, Inc.*

*Technical      Career Institutes, Inc.*

|                                     |   |   |       |
|------------------------------------------|--------|--------|------------|
| **At                September 16, 2005** |   |   |       |
|                                     |   |   |       |
| Current                assets            |   | $      | 16,468,000 |   |
| Property                and equipment    |   |   | 546,000    |   |
| Intangible                assets         |   |   | 12,440,000 |   |
| Goodwill                                 |   |   | 1,147,000  |   |
| Other                assets              |   |   | 882,000    |   |
| Total                assets acquired     |   |   | 31,483,000 |   |
| Current                liabilities       |   |   | 15,363,000 |   |
| Other                liabilities         |   |   | 63,000     |   |
| Total                liabilities assumed |   |   | 15,426,000 |   |
| Net                assets acquired       |   | $      | 16,057,000 |   |

----

**Table          of Contents**

|                                      |   | **Three                months ended Sept 30,** |       | **Nine                months ended Sept 30,** |   |
|-------------------------------------------|--------|------------------------------------------------|------------|-----------------------------------------------|--------|
|                                      |   | **2005**                                       |       | **2004**                                      |   | **2005** |   | **2004** |   |
|                                      |   |                                           |       |                                          |   |   |   |   |   |
| Revenue                                   |   | $                                              | 15,534,000 |                                          | $      | 13,622,000 |   | $ | 53,427,000 |   | $ | 45,570,000 |   |
| Net                loss                   |   | $                                              | (2,795,000 | )                                             | $      | (2,093,000 | ) | $ | (1,132,000 | ) | $ | (101,000 | ) |
| Diluted                net loss per share |   | $                                              | (0.22      | )                                             | $      | (0.17 | ) | $ | (0.09 | ) | $ | (0.01 | ) |

**Note      6- Notes Payable**

----

**Table          of Contents**

| ·     | $500,000                per quarter, 12/31/05-9/30/06 |
|--------------------------------|-------------------------------------------------------|

| ·     | $625,000                per quarter, 3/31/07- 9/30/08 |
|--------------------------------|-------------------------------------------------------|

| ·     | $750,000                per quarter, 12/31/08- 6/30/09 |
|--------------------------------|--------------------------------------------------------|

| **Year                ended September 30,** |   |
|---------------------------------------------|--------|
| **Total**                                   |   | **2006** |   | **2007** |   | **2008** |   | **2009** |   |
| $13,000,000                                 |   | $ | 2,000,000 |   | $ | 2,500,000 |   | $ | 3,000,000 |   | $ | 5,500,000 |   |

**Item      2. Management’s Discussion and Analysis of Financial Condition      and Results of Operation.**

**Overview**

*Third      Quarter and Subsequent Developments*

| ·     | Full-time                student enrollment for the fall 2005 semester increased to approximately                7,600 as compared to approximately 3,900 for the fall 2004 semester.                Full-time students in the fall 2005 semester include approximately                3,000                and 100 students attending TCI and PSB,                respectively. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | On                September 19, 2005, EVCI announced that it had completed the acquisition                of TCI for approximately $16,000,000. TCI’s results have been included                with our results for the period from September 16, 2005 through September                30, 2005. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Table          of Contents**

| ·     | On                October 3, 2005, we announced that Joseph J. Looney, 48, joined the                Company as chief financial officer, effective October 1, 2005. Mr.                Looney                replaced Richard Goldenberg, who relinquished his duties as CFO of                EVCI                but retains his position as CFO of Interboro Institute and as a director                of EVCI. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | On                October 19, 2005, EVCI announced that it had received a draft report                of a                compliance review of Interboro Institute undertaken by the New York                State                Education Department (“SED”). |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Interboro                will contract with an independent testing agency, acceptable to SED,                to                conduct its ability-to-benefit testing and placement testing. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Interboro                is devising and implementing more rigorous testing and professional                assessments regarding characteristics associated with college success                in                order to further increase retention and graduation rates. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Interboro                will enhance remedial course work for entering students including                special                pre-enrollment skills classes. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Interboro                will reduce the number of additional courses a full-time faculty                member                can teach each semester starting with the spring 2006                semester. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Interboro                will increase the number of full time faculty, academic advisors                and                counselors at each Interboro site starting spring 2006 semester. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Interboro                will further improve library facilities and collections and provide                greater access to electronic data                bases. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Interboro                will further improve other physical facilities of the college, including                adding classrooms and computer labs and creating additional offices                for                faculty and student support staff. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Table          of Contents**

|  | · | In                  November 2005, Local 153 of the Office and Professional Employees                  International Union persuaded Interboro that it had enough support                  from                  Interboro’s full and part-time faculty to win an election. Interboro                  agreed to recognize the union. Interboro and Local 153 are planning                  to                  begin negotiations of a collective bargaining                  agreement. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Revenue      Recognition*

*Capacity*

*Marketing*

| **Period**                             |   | **Semester** |
|----------------------------------------|--------|--------------|
|                                   |   |         |
| June                through September  |   | Fall         |
| October                through January |   | Spring       |
| February                through May    |   | Summer       |
|                                   |   |         |

*Seasonality*

*Title      IV Program Review*

----

**Table          of Contents**

**Comparison      of the three months ended September 30, 2005 to three months      ended September 30, 2004**

|                                                        |   | **Three                months ended September 30****,** |   |
|-------------------------------------------------------------|--------|---------------------------------------------------------|--------|
|                                                        |   | **2005**                                                |   | **2004** |   |
|                                                        |   |                                                    |   |   |   |
| Total                revenue                                |   |                                                    | 100.0  | % |   | 100.0 | % |
|                                                        |   |                                                    |   |   |   |   |   |
| Cost                of revenue                              |   |                                                    | 35.2   |   |   | 30.9 |   |
| Selling,                general and administrative expenses |   |                                                    | 80.4   |   |   | 89.5 |   |
| Total                operating expense                      |   |                                                    | 115.6  |   |   | 120.4 |   |
| Loss                before provision for income taxes       |   |                                                    | (16.0  | ) |   | (20.7 | ) |
| Net                loss                                     |   |                                                    | (14.8) | % |   | (18.1) | % |

----

**Table          of Contents**

|                                 |   | **September                30, 2005** |   |
|--------------------------------------|--------|---------------------------------------|--------|
|                                 |   | **Interboro**                         |   | **TCI** |   | **PSB** |   | **Total** |   |
| Adjunct                instructors   |   |                                  | 121    |   |   | 94 |   |   | 3 |   |   | 218 |   |
| Full-time                instructors |   |                                  | 70     |   |   | 76 |   |   | 1 |   |   | 147 |   |
| Tutors                and Testers    |   |                                  | 62     |   |   | 6 |   |   | – |   |   | 68 |   |
| Admissions                staff      |   |                                  | 47     |   |   | 16 |   |   | 6 |   |   | 69 |   |
| Deans                and staff       |   |                                  | 16     |   |   | 3 |   |   | 1 |   |   | 20 |   |
| Academic                advisors     |   |                                  | 18     |   |   | – |   |   | – |   |   | 18 |   |
| Librarians                           |   |                                  | 9      |   |   | 5 |   |   | – |   |   | 14 |   |
| Total                                |   |                                  | 343    |   |   | 200 |   |   | 11 |   |   | 554 |   |

|                                            |   | **Three                months ended September 30,** |   |
|-------------------------------------------------|--------|-----------------------------------------------------|--------|
|                                            |   | **2005**                                            |   | **2004** |   |
|                                            |   |                                                |   |   |   |
| Salaries                and benefits            |   |                                                | 30.1   | % |   | 41.5 | % |
| Marketing                                       |   |                                                | 17.0   |   |   | 16.8 |   |
| Depreciation                                    |   |                                                | 5.2    |   |   | 4.0 |   |
| Professional                and consulting fees |   |                                                | 4.7    |   |   | 3.0 |   |
| Non                cash compensation            |   |                                                | 1.0    |   |   | 2.9 |   |
| Other                expenses                   |   |                                                | 22.4   |   |   | 21.3 |   |
| Total                                           |   |                                                | 80.4   | % |   | 89.5 | % |

----

**Table          of Contents**

----

**Table          of Contents**

**Comparison      of the nine months ended September 30, 2005 to nine months      ended September 30, 2004**

|                                                           |   |                                               |   |
|----------------------------------------------------------------|--------|----------------------------------------------------|--------|
|                                                           |   | **Nine                months ended September 30,** |   |
|                                                           |   | **2005**                                           |   | **2004** |   |
|                                                           |   |                                               |   |   |   |
| Total                revenue                                   |   |                                               | 100.0  | % |   | 100.0 | % |
|                                                           |   |                                               |   |   |   |   |   |
| Cost                of revenue                                 |   |                                               | 31.2   |   |   | 26.5 |   |
| Selling,                general and administrative expenses    |   |                                               | 69.6   |   |   | 70.9 |   |
| Total                operating expense                         |   |                                               | 100.8  |   |   | 97.4 |   |
| Income/(loss)                before provision for income taxes |   |                                               | (1.0   | ) |   | 2.1 |   |
| Net                income/(loss)                               |   |                                               | (1.7)  | % |   | 1.6 | % |

----

**Table          of Contents**

|                                            |   |  **Nine                months ended September 30,** |   |
|-------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                            |   | **2005**                                                 |   | **2004** |   |
|                                            |   |                                                     |   |   |   |
| Salaries                and benefits            |   |                                                     | 27.6   |   |   | 34.8 |   |
| Marketing                                       |   |                                                     | 11.9   |   |   | 11.7 |   |
| Depreciation                                    |   |                                                     | 4.6    |   |   | 3.0 |   |
| Professional                and consulting fees |   |                                                     | 3.3    |   |   | 2.5 |   |
| Non                cash compensation            |   |                                                     | 1.0    |   |   | 1.0 |   |
| Other                expenses                   |   |                                                     | 21.2   |   |   | 17.9 |   |
| Total                                           |   |                                                     | 69.6   |   |   | 70.9 |   |

----

**Table          of Contents**

**Liquidity      and Capital Resources**

----

**Table          of Contents**

|                                                |   |                                                                                      |   |                                                        |   |             |   |             |    |                                                       |   |
|-----------------------------------------------------|--------|-------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|------------------|--------|------------------|---------|------------------------------------------------------------|--------|
|                                                |   | **Payments                  due by period****(in                  thousands of dollars)** |   |
|                                                |   | **Total**                                                                                 |   | **Less                  than****One                  year** |   | **1-3****years** |   | **3-5****years** |    | **More                  than****5                  years** |   |
| Line                  of credit                     |   | $                                                                                         | 2,000  |                                                        | $      | 2,000            |   | $                | – |                                                       | $      | – |   | $ | – |   |
| Long-Term                  Debt                     |   |                                                                                      | 13,000 |                                                        |   | 2,000            |   |             | 5,000   |                                                       |   | 6,000 |   |   | – |   |
| Capital                  leases                     |   |                                                                                      | 852    |                                                        |   | 308              |   |             | 508     |                                                       |   | 36 |   |   | – |   |
| Operating                  leases                   |   |                                                                                      | 37,639 |                                                        |   | 6,091            |   |             | 9,465   |                                                       |   | 8,704 |   |   | 13,379 |   |
| Total                  contractual cash obligations |   | $                                                                                         | 53,491 |                                                        | $      | 10,399           |   | $                | 14,973  |                                                       | $      | 14,740 |   | $ | 13,379 |   |

**Forward-looking      statements and risk      factors**

**Changes      in Interboro’s admission standards requested by SED are expected to materially      reduce Interboro’s rate of new student enrollment growth and could have a more      adverse effect on Interboro’s enrollments if SED requires raising admission      standards beyond what Interboro has agreed to change in its response to the      SED      draft report.**

----

**Table          of Contents**

**If      SED denies Interboro’s request to grant its Yonkers site extension center status      for a protracted period of time, Interboro’s ability to continue operations in      Yonkers could be materially and adversely affected.**

**Until      SED’s final determinations are received, assessed, implemented and tested, the      uncertainty about their impact on Interboro could adversely affect Interboro’s      operations. **

**SED’s      final report could include determinations that have a significantly greater      negative impact on Interboro than those in the SED draft      report.**

**The      capital and operating costs of implementing agreements with SED, in response      to      SED’s recommendations, could significantly exceed the estimates we have made to      date.**

**The      impact of unionization of Interboro’s faculty is not      known.**

----

**Table          of Contents**

| ·     | The                failure of any of our colleges to comply with extensive federal,                and                applicable New York or Pennsylvania state regulations could have                a                material adverse impact on the college’s ability to operate and                grow. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Adverse                changes in the rules governing, or the amount or timing of, TAP                disbursements could materially impede Interboro’s and TCI’s ability to                operate. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Adverse                changes in the rules governing, or the amount or timing of, Pell                program                disbursements could materially impede our ability to                operate. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | An                ongoing or future Title IV program review at Interboro could result                in us                being required to make material refunds of Pell grants and EVCI being                required to reduce its income by the amount of those refunds. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | A                future audit of any of our colleges’ compliance with grant or loan program                regulations could result in the audited college being required to                make                material refunds of grant or loan funds and EVCI being required to                reduce                its income by the amount of those                refunds. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Changes                in federal ability to benefit regulations could materially and adversely                affect our ability to operate and grow. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Our                growth has attracted significant attention that has resulted in higher                regulatory scrutiny and media coverage that has, and could again                have an                adverse affect on us and our stock                price. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | If                the New York State Education Department does not give Interboro the                requisite approval to open new college sites or to receive extension                center status for its Yonkers site, Interboro’s operations and growth                could be materially and adversely affected. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | If                Interboro is unable to continue to improve its retention and graduation                rates, SED may seek to limit further its operations and growth. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | If                Interboro is unable to continue to improve its retention and graduation                rates, SED may seek to have the Board of Regents deny or adversely                condition Interboro’s                reaccredidation. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | If                Interboro is unable to obtain additional or replacement space, Interboro’s                internal growth rate will be materially                limited. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | If                the maximum Title IV and state grants do not increase over time,                our                margins and, eventually, our ability to operate without greater                participation in Title IV loan programs could be adversely affected. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Table          of Contents**

| ·     | Our                  failure to effectively open and operate new college sites, or annexes                  to                  existing sites, could adversely affect our                  business. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | EVCI                faces substantial challenges and risks in attempting to integrate                new                acquisitions, including PSB and TCI, that could have a material adverse                effect on its operations and future                success. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | The                  seasonality of our enrollments produces significant variations                  in our                  results from quarter to quarter. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·     | The                differences in the start dates of semesters from year to year produces                significant                variations in our results from quarter to quarter. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | The                loss of the services of key management personnel of EVCI or at any                of our                colleges, could have a material adverse effect on our operations                and                growth. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | If                EVCI and its subsidiaries are unable to compete effectively for the                additional management personnel that they need to competently handle                growth, their operations, regulatory compliance and financial results                could be adversely affected. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Our                failure to effectively manage the enrollment growth at our colleges                could                hurt our business. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Our                business and results could materially suffer if we improperly balance                or                divert resources from our operations to making acquisitions or if                we make                acquisitions that do not meet our expectations. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Threatened                or actual legal proceedings against us by regulatory agencies or                private                parties could have a material adverse effect on our business. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Interboro’s                internal loan program could result in additional material bad debt                expense                as a result of students defaulting on their                loans. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | If                the operation of our computer systems is adversely affected by computer                viruses that are not recognized by available anti-virus software,                or for                any other reason, the ability of our colleges to operate could be                severely                impaired. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Terrorist                activity, or the threat of it, in the New York Metropolitan area                could                adversely affect us. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Our                inability to foster and maintain relationships with community                organizations in the communities where its college sites are located                could                adversely affect those sites. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Table          of Contents**

| ·     | Adverse                changes in the rules governing, or the amount or timing of, Pennsylvania                grant program disbursements could materially impede PSB’s ability to                operate. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Grant                application deadlines and other requirements of Pennsylvania grant                programs could again prevent PSB’s students from obtaining grants and, as                a result, adversely effect PSB’s enrollment and revenue. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | PSB                may not succeed in enrolling a significant number of students future                semesters. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------|

| ·     | PSB’s                growth potential could be adversely affected if it cannot obtain                degree                granting authority for its three new business diploma                programs. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | A                change of control of EVCI would adversely affect the receipt of Pell                and                TAP funds. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·     | A                change of control of EVCI would cause regulatory and accrediting                authorities to return our colleges to a probationary                status. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Future                changes in ownership of our common stock could substantially limit                the                utilization of our net operating loss                carryforwards. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Actual                or potential future sales of shares of our common stock by management                could have an adverse effect on the market price of our common                stock. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Our                share price has ranged greatly since we went public and may be very                volatile in the future. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------|

| ·     | Provisions                of laws or regulations, our certificate of incorporation and by-laws                and                agreements with our executive officers could discourage takeover                attempts                and other investments in our common                stock. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Our                classified board limits stockholder voting for election and removal                of                directors. |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Indemnification                and limitation of liability of our officers and directors may insulate                them from accountability to stockholders at substantial cost to                us. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | As                is often the case with acquisitions, regulators may impose conditions                following the closing, which alone, or together with other factors,                could                have an adverse impact on management’s efforts to increase TCI’s revenues                and improve its operating results. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | There                are other regulatory risks, many of which are the same for Interboro,                TCI                and PSB, including those set forth in EVCI’s 10-KSB for its year ended                December 31, 2004 and previously in this 10-Q. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Table          of Contents**

**Item      4. Controls and Procedures**

*Changes      in Internal Control*

**PART      II**

**OTHER      INFORMATION**

**Item        1. Legal Proceedings.**

**Item      5. Other Information.**

| ·     | The                premises are all of the first, second and third floors of 406 W.                Hamilton                St., Allentown, Pennsylvania. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | The                total square footage of the premises is approximately 20,000 square                feet. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------|

| ·     | The                lease term commenced June 1, 2005 and expires May 31, 2010, subject                to one                five year renewal term. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Rent                is currently $180,000 per year plus a prorate portion of real estate                taxes                and utility charges. For the renewal term, rent would increase to                approximately $16,500 per month per                floor. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | PSB                has the option and right of first refusal to lease additional unoccupied                floors. |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------|

| ·     | During                the lease term, PSB also has the option to purchase the entire building                for between $1.9 million and $2.3 million depending on when the option                is                exercised. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Table          of Contents**

**Item      6. Exhibits **

| Exhibit                  No.*                      |   | Description                  of Exhibit                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.1[1]                  --                         |   | Certificate                  of Incorporation of the Registrant.                                                                                                                                                                                                                                                                                                               |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.2[1]                  --                         |   | Certificate                  of Merger of Educational Video Conferencing, Inc. (a New York Corporation)                  into the Registrant (a Delaware Corporation).                                                                                                                                                                                                         |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.3[1]                  --                         |   | Certificate                  of Correction of the Certificate of Incorporation of the                  Registrant.                                                                                                                                                                                                                                                             |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.4[3]                                     -- |   | Certificate                  of Amendment, dated February 22, 1999, to Certificate of Incorporation                  of                  the Registrant.                                                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.5[23]                  --                        |   | Amended                  and Restated By-Laws of the Registrant.                                                                                                                                                                                                                                                                                                               |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.6[5]                  --                         |   | Certificate                  Eliminating Reference to Series A 7.5% Convertible Preferred Stock                  from                  the Certificate of Incorporation of the Registrant.                                                                                                                                                                                     |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.7[16]                  --                        |   | Certificate                  of Amendment, dated May 23, 2002, to Certificate of Incorporation                  of the                  Registrant.                                                                                                                                                                                                                            |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.8[5]                  --                         |   | Certificate                  Eliminating Reference to Series B 7% Convertible Preferred stock                  from the                  Certificate of Incorporation of the Registrant.                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.9[5]                  --                         |   | Certificate                  Eliminating Reference to Series C 8% Convertible Preferred stock                  from the                  Certificate of Incorporation of the Registrant.                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.10[20]                  --                       |   | Certificate                  of Amendment, filed August 9, 2004, to Certificate of Incorporation                  of the                  Registrant.                                                                                                                                                                                                                          |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.2[2]                  --                         |   | Form                  of Common Stock certificate.                                                                                                                                                                                                                                                                                                                             |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.3[4]                  --                         |   | Warrant                  Agreement, dated January 14, 2000, between the Registrant and Bruce.                  R.                  Kalisch.                                                                                                                                                                                                                                    |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.4[6]                  --                         |   | Warrant                  Agreement, dated April 18, 2000, between the Registrant and Peter                  J.                  Solomon Company Limited.                                                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.5[7]                  --                         |   | Form                  of Warrant issued to each seller of shares of ICTS,                  Inc.                                                                                                                                                                                                                                                                                |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.6[14]                  --                        |   | Common                  Stock Purchase Warrant issued in September 2003, to purchase 45,000                  shares                  of the Registrant’s common stock.                                                                                                                                                                                                   |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.7[17]                  --                        |   | Common                  Stock Purchase Warrant issued to placement agent on March 29,                  2004.                                                                                                                                                                                                                                                                   |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.1**                  --                         |   | Amended                  and Restated Employment Agreement between the Registrant and Dr.                  Arol I.                  Buntzman, dated August 12, 2005.                                                                                                                                                                                                           |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.2**                  --                         |   | Amended                  and Restated Employment Agreement between the Registrant and Dr.                  John J.                  McGrath, dated August 12, 2005.                                                                                                                                                                                                            |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.3                  (a)[9] --                    |   | Employment                  Agreement between the Registrant and Richard Goldenberg, dated                  January 1,                  2003.                                                                                                                                                                                                                                  |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.3                  (b)[23] --                   |   | Letter                  agreement, dated June 30, 2005, amending Employment Agreement between                  the                  Registrant and Richard Goldenberg dated January 1,                  2003.                                                                                                                                                                  |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.4[10]                  --                       |   | Amended                  and Restated 1998 Incentive Stock Option Plan of the                  Registrant.                                                                                                                                                                                                                                                                     |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.5[11]                  --                       |   | 2001                  Non-Qualified Stock Option Plan.                                                                                                                                                                                                                                                                                                                         |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.6[9]                  --                        |   | Form                  of Change in Control Agreement used for agreements the Registrant                  has with                  each of Dr. Arol I. Buntzman, Dr. John J. McGrath, and Richard                  Goldenberg,                  dated February 11, 2003.                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.7[1]                  --                        |   | Form                  of Indemnification Agreement. [Used for each director and executive                  officer of the Registrant.]                                                                                                                                                                                                                                         |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.8[4]                  --                        |   | Stock                  Purchase Agreement, dated January 14, 2000, among Bruce R. Kalisch,                  Interboro Holding, Inc. and Interboro Institute, Inc.                                                                                                                                                                                                              |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.9[12]                  --                       |   | Lease                  Agreement between 444 Realty Company and Interboro Institute, Inc.                  dated                  July 27, 1983, as amended by agreements dated September 20, 1988,                  September 1, 1992, and February 1, 1993.                                                                                                                  |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.10[12]                  --                      |   | Lease                  Agreement between Interboro Institute, Inc. JUYI, Inc., dated January                  26,                  2001.                                                                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.11[8]                  --                       |   | Promissory                  Note for $1,000,000, dated August 4, 2003, payable by Interboro                  Institute,                  Inc. to North Fork Bank.                                                                                                                                                                                                              |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.12[8]                  --                       |   | Form                  of the Registrant’s Subscription and Registration Rights Agreement                  relating to the Registrant’s August 1, 2003 issuance of common stock and                  warrants.                                                                                                                                                      |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.13[13]                  --                      |   | Settlement                  Agreement, made October 3, 2003, between Amaranth Trading L.L.C.                  and the                  Registrant.                                                                                                                                                                                                                             |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.14[13]                  --                      |   | Form                  of Share Claim Purchase and Registration Rights Agreement between                  the                  Registrant and each investor acquiring a portion of the Amaranth                  Trading                  L.L.C.’s rights to claims to shares of EVCI’s common stock upon conversion                  of Series B Preferred shares. |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.15[14]                  --                      |   | Third                  Amendment and Lease Extension Agreement, made as of August 1, 2003,                  between 444 Realty Company, L.L.C. and Interboro Institute,                  Inc.                                                                                                                                                                                  |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.16[15]                  --                      |   | Ownership                  and Registration Rights Agreement, dated November 11, 2003, between                  the                  Registrant and JLF Partners I, L.P., JLF Partners II, L.P. and                  JLF                  Offshore Fund.                                                                                                                       |

----

**Table            of Contents**

| 10.17(a)[16]                    --           |   | Employment                    Agreement between the Registrant and Joseph D. Alperin dated                    January 1,                    2004.                                                                                                                                                                                                                                                                                                                                                                          |
|----------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.17                    (b)[23] --          |   | Letter                    agreement, dated June 30, 2005, amending Employment Agreement                    between the                    Registrant and Joseph D. Alperin dated January 1, 2004.                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.18[16]                    --              |   | Option                    Agreement between the Registrant and Joseph D. Alperin dated                    January 1,                    2004.                                                                                                                                                                                                                                                                                                                                                                              |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.19[16]                    --              |   | Change                    of control letter agreement between the Registrant and Joseph                    D. Alperin                    dated January 1, 2004.                                                                                                                                                                                                                                                                                                                                                            |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.20[16]                    --              |   | Agreement,                    made February 28, 2004, between Interboro Institute, Inc. and                    OPEIU Local                    153, AFL-CIO.                                                                                                                                                                                                                                                                                                                                                                |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.21[17]                    --              |   | Securities                    Purchase Agreement, dated March 29, 2004, by and among the Registrant                    and                    each buyer named in the Schedule of Buyers.                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.22[17]                    --              |   | Registration                    Rights Agreement, dated March 29, 2004, by and among the Registrant                    and                    each buyer named in the Schedule of Buyers.                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.23[18]                    --              |   | Ownership                    and Registration Rights Agreement, dated April 2, 2004, by and                    among the                    Registrant and six funds managed by Wellington Management Company,                    LLP.                                                                                                                                                                                                                                                                                     |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.24[19]                    --              |   | 2004                    Amended and Restated Incentive Stock Plan                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.25[20]                    --              |   | Form                    of Stock Option Agreement (Nonqualified Stock Option)                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.26[20]                    --              |   | Form                    of Stock Option Agreement (Nonqualified Stock Option) covering                    option                    grants to executive officers that were approved at the Registrant’s July                    27, 2004 stockholders meeting.                                                                                                                                                                                                                                                       |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.27[21]                    --              |   | Lease                    made November 17, 2003 between Spruce Spires Associates, LP,                    and Interboro                    Institute, Inc.                                                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28                    (a)[22] --          |   | Sublease                    for Premises at 37-02 Main Street, Flushing, NY 11354, dated                    March 28,                    2005, between Genking, LLC and Interboro Institute, Inc. with                    Exhibit                    A and letter agreement, dated April 15, 2005, amending such sublease.                                                                                                                                                                                                 |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28                    (b)[22] --          |   | Consent                    to Sublease, dated April 22, 2005, among Mehran Enterprises Ltd.,                    Futurama                    Home Furniture of Queens, Inc., Genking, LLC and Interboro Institute,                    Inc.                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28                    (c)[22] --          |   | Sublease,                    dated March 30, 2004, between Futurama Home Furniture of Queens,                    Inc. and                    Genking, LLC.                                                                                                                                                                                                                                                                                                                                                                 |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28                    (d)[22] --          |   | Agreement                    of Lease, dated March 6, 2001, between Mehran Enterprise Ltd.                    and Futurama                    Home Furniture of Queens, Inc.                                                                                                                                                                                                                                                                                                                                               |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.29                    [24] --             |   | Stock                    Purchase Agreement, dated June 30, 2005, among EVCI Career Colleges                    Holding Corp., Technical Career Institutes, Inc., East Coast                    Training                    Services of Delaware, Inc., East Coast Capital Corp. and North                    American                    Training Services, Inc., with Exhibits (Schedules will be provided                    supplementally to the Securities and Exchange Commission upon                    request). |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.30(a)[25]                    --           |   | Loft                    Lease dated as of September 1, 2004 between Getty Square Partners                    LLC and                    Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.30(b)[25]                    --           |   | Letter                    agreement dated August 18, 2004 between Getty Square Partners                    LLC and                    Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                                                                            |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.30(c)[25]                    --           |   | First                    Amendment to Lease dated as of July 14, 2005 between Getty Square                    Partners                    LLC and Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                                                                |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.31**                    --                |   | 2004                    Amended and Restated Incentive Stock Plan Restricted Stock Award                    Agreement, dated August 12, 2005, between the Registrant and                    Dr. Arol I.                    Buntzman.                                                                                                                                                                                                                                                                                       |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.32**                    --                |   | 2004                    Amended and Restated Incentive Stock Plan Restricted Stock Award                    Agreement, dated August 12, 2005, between the Registrant and                    Dr. John J.                    McGrath.                                                                                                                                                                                                                                                                                        |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.33                    (a) [26] --         |   | Credit                    Agreement, dated as of September 16, 2005, among the Registrant,                    the                    Guarantors from time-to-time parties thereto, the lenders from                    time-to-time parties thereto and Harris N.A.                                                                                                                                                                                                                                                        |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.33                    (b)** --            |   | First                    Amendment to Credit Agreement , dated as of November 10, 2005,                    between the                    Registrant and Harris, N.A.                                                                                                                                                                                                                                                                                                                                                      |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.34                    [26] --        |   | Security                    Agreement, dated as of September 16, 2005, among EVCI and other                    Debtors                    and Harris N.A.                                                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.35                    [26] --   |   | Trademark                    Collateral Agreement, dated September 16, 2005, between Technical                    Career                    Institutes, Inc. and Harris N.A.                                                                                                                                                                                                                                                                                                                                               |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.36                    [27] --        |   | Employment                    Agreement, dated as of September 29, 2005, between EVCI and Joseph                    J.                    Looney.                                                                                                                                                                                                                                                                                                                                                                     |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.37                    [27] --        |   | Change                    of control letter agreement, dated September 29, 2005, between                    EVCI and                    Joseph J. Looney.                                                                                                                                                                                                                                                                                                                                                             |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.38**                    --                |   | Lease                    Agreement between Brill & Sharma Equities and Pennsylvania School of                    Business for a term commencing June 1, 2005.                                                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.39                    (a)** --            |   | Net                    Lease, dated as of December 19, 1997, between Overtime Properties                    LLC and                    Technical Career Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                   |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.39                    (b)** --            |   | First                    Amendment of Lease dated as of October 1, 2002 between Overtime                    Properties, LLC and Technical Career Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.40                    (a)** --            |   | Lease,                    dated October 11, 1994, between F.H.E.A. Associates and Technical                    Career                    Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.40                    (b)** --            |   | First                    Amendment of Lease, dated January 20, 1995, between F.H.E.A.                    Associates                    and Technical Career Institutes,                    Inc.                                                                                                                                                                                                                                                                                                                            |

----

**Table              of Contents**

| 10.40                    (c)** -- |   | Second                    Modification and Extension of Lease Agreement, dated April 15,                    2005,                    between Eighth Avenue Limited Liability Company and Technical                    Career                    Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (a)** -- |   | Collective                    Bargaining Agreement between Technical Career Institutes, Inc.                    and T.O.P.                    Local 2110 UAW, AFL-CIO, effective October 10, 1992- October                    9, 1995, and                    covering office clerical employees.                                                                                                                                                                                                                                                                                                                                                                    |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (b)** -- |   | Memorandum                    of Agreement, dated October 10, 1995, between T.O.P. Local 2110                    UAW-AFL-CIO and Technical Career Institutes, Inc., amending collective                    bargaining agreement between the parties covering office and                    clerical                    employees, which was effective October 10, 1992- October 9,                    1995.                                                                                                                                                                                                                                                          |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (c)** -- |   | Memorandum                    of Agreement, dated October ____, 1998, between T.O.P. Local                    2110                    UAW-AFL-CIO and Technical Career Institutes, Inc., amending collective                    bargaining agreement between the parties covering office clerical                    employees, which was effective from October 10, 1995 through                    October 9,                    1998.                                                                                                                                                                                                                             |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (d)** -- |   | Collective                    Bargaining Agreement between Technical Career Institutes, Inc.                    and T.O.P.                    Local 2110 UAW-AFL-CIO effective October 10, 1998-October 9,                    2001,                    covering instructors, laboratory technicians and maintenance                    persons (This                    agreement amends and restates the prior collective bargaining                    agreements                    with the instructors, laboratory technicians and maintenance                    employees.)                                                                                   |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (e)** -- |   | Memorandum                    of Agreement, dated October 10, 2001, between T.O.P. Local 2110                    UAW-AFL-CIO and Technical Career Institutes, Inc., amending (A)                    collective                    bargaining agreement between the parties covering instructors,                    laboratory                    technicians and maintenance employees and (B) collective bargaining                    agreement between the parties covering office clerical employees,                    each                    such prior agreement effective October 10, 1998 through October                    9,                    2001. |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (f)**    |   | Memorandum                    of Agreement, dated October 10, 2004, between T.O.P. Local 2110                    UAW-AFL-CIO and Technical Career Institutes, Inc., amending (A)                    collective                    bargaining agreement between the parties covering instructors,                    laboratory                    technicians and maintenance employees and (B) collective bargaining                    agreement between the parties covering office clerical employees,                    each                    such agreement effective October 10, 2001 through October 9,                    2004.                          |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 31.1**                    --      |   | Certification                    of Chief Executive Officer required by Rule 13a-14(a) under the                    Exchange                    Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 31.2**                    --      |   | Certification                    of Chief Financial Officer required by Rule 13a-14(a) under the                    Exchange                    Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.1**                    --      |   | Certification                    of Chief Executive Officer pursuant to 18 U.S.C. Section 1350,                    as adopted                    pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.2**                    --      |   | Certification                    of Chief Financial Officer pursuant to 18 U.S.C. Section 1350,                    as adopted                    pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.1[21]                    --    |   | Text                    of final report, dated March 7, 2005, detailing the calculation                    of the TAP                    disallowances resulting from the TAP audit of the 2000-01 through                    2002-03                    academic years of Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                                                                                 |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.2                    [24] --   |   | Press                    Release dated June 30, 2005 related to the announcement of Exhibit                    10.29(a) of this report.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.3                    [27] --   |   | Press                    release dated October 3, 2005 and captioned “EVCI Career Colleges Hires                    Joseph J. Looney to serve as Chief Financial Officer.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.4**                      --    |   | Press                    Release dated October 19, 2005 and captioned “EVCI Career Colleges                    Receives Draft Report of Compliance Review of Interboro                    Institute”                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

| * | Numbers                  inside brackets indicate documents from which exhibits have been                  incorporated by reference. |
|---|---------------------------------------------------------------------------------------------------------------------------------------|

| ** | Filed                    herewith. |
|----|------------------------------------|

| [1]  | Incorporated                  by reference to the Registrant’s Registration Statement on Form SB-2,                  filed October 23, 1998, Registration No. 333-66085.                                     |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| [2]  | Incorporated                  by reference to Amendment No. 4, dated February 10, 1999, to the                  Registrant’s Form SB-2, Registration No. 333-66085.                                          |
| [3]  | Incorporated                  by reference to Registrant’s Form 10-QSB for the quarter ended September                  30, 1999.                                                                            |
| [4]  | Incorporated                  by reference to the Registrant’s Form 8-K dated January 14,                  2000.                                                                                             |
| [5]  | Incorporated                  by reference to the Registrant’s Form 8-K dated October 6,                  2000.                                                                                              |
| [6]  | Incorporated                  by reference to the Registrant’s Form 10-QSB for the quarter ended                  September 30, 2000.                                                                        |
| [7]  | Incorporated                  by reference to the Registrant’s Form 8-K dated July 1,                  2001.                                                                                                 |
| [8]  | Incorporated                  by reference to the Registrant’s Form 10-QSB for the quarter ended                  September 30, 2003.                                                                        |
| [9]  | Incorporated                  by reference to the Registrant’s Form 10-KSB for the year ended December                  31, 2002.                                                                            |
| [10] | Incorporated                  by reference to the Registrant’s Registration Statement on Form S-8 filed                  December 31, 2002, Registration No. 333-102310.                                     |
| [11] | Incorporated                  by reference to the Registrant’s Registration Statement on Form S-8 filed                  October 23, 2001, Registration No. 333-72080.                                       |
| [12] | Incorporated                  by reference to the Registrant’s Form 10-QSB for the quarter ended                  September 30, 2003.                                                                        |
| [13] | Incorporated                  by reference to the Registrant’s Form 8-K dated October 10,                  2003.                                                                                             |
| [14] | Incorporated                  by reference to the Registrant’s Form 10-QSB for the quarter ended                  September 30, 2003.                                                                        |
| [15] | Incorporated                  by reference to Amendment No. 1 to the Registrant’s Registration Statement                  on Form S-3, filed December 4, 2003, Registration No.                  333-110567. |
| [16] | Incorporated                  by reference to the Registrant’s Form 10-KSB/A for the year ended December                  31, 2003.                                                                          |
| [17] | Incorporated                  by reference to the Registrant’s Form 8-K dated March 29,                  2004.                                                                                               |
| [18] | Incorporated                  by reference to the Registrant’s Form 10-QSB for the quarter ended June                  30, 2004.                                                                             |
| [19] | Incorporated                  by reference to the Registrant’s definitive Proxy Statement dated May 2,                  2005.                                                                                |
| [20] | Incorporated                  by reference to the Registrant’s Form 10-QSB for the quarter ended                  September 30, 2004.                                                                        |
| [21] | Incorporated                  by reference to the Registrant’s Form 10-KSB for the year ended December                  31, 2004.                                                                            |
| [22] | Incorporated                  by reference to the Registrant’s Form 8-K dated March 7, 2005.                                                                                                                 |
| [23] | Incorporated                  by reference to the Registrant’s Form 10-Q for the quarter ended March 31,                  2005.                                                                              |
| [24] | Incorporated                  by reference to the Registrant’s Form 8-K dated July 1, 2005.                                                                                                                  |
| [25] | Incorporated                  by reference to the Registrant’s Form 8-K dated July 18, 2005.                                                                                                                 |
| [26] | Incorporated                  by reference to the Registrant’s Form 8-K dated September 16,                  2005.                                                                                           |
| [27] | Incorporated                  by reference to the Registrant’s Form 8-K dated September 29,                  2005.                                                                                           |

----

**Table          of Contents**

**SIGNATURES**

|                                        |                                                                                                                               |                                      |
|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|
|                                        | **EVCI              CAREER COLLEGES HOLDING CORP.**                                                                                |
|                                   |                                                                                                                          |                                 |
| Dated:               November 21, 2005 | By:                                                                                                                      | /s/ Dr.              John J. McGrath |
|                                        |                                                                                                                                    |
|                                        | Dr.                John J. McGrathChief                Executive Officer and President(Principal                Executive Officer) |

|   |                                                                                                                          |                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
|   |                                                                                                                          |                                |
|   | By:                                                                                                                 | /s/ Joseph              Looney |
|   |                                                                                                                               |
|   | Joseph                LooneyChief                Financial Officer(Principal                Financial and Accounting Officer) |

----

**Table          of Contents**

**EXHIBIT      INDEX**

| Exhibit                  No.*                      |   | Description                  of Exhibit                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.1[1]                  --                         |   | Certificate                  of Incorporation of the Registrant.                                                                                                                                                                                                                                                                                                               |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.2[1]                  --                         |   | Certificate                  of Merger of Educational Video Conferencing, Inc. (a New York Corporation)                  into the Registrant (a Delaware Corporation).                                                                                                                                                                                                         |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.3[1]                  --                         |   | Certificate                  of Correction of the Certificate of Incorporation of the                  Registrant.                                                                                                                                                                                                                                                             |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.4[3]                                     -- |   | Certificate                  of Amendment, dated February 22, 1999, to Certificate of Incorporation                  of                  the Registrant.                                                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.5[23]                  --                        |   | Amended                  and Restated By-Laws of the Registrant.                                                                                                                                                                                                                                                                                                               |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.6[5]                  --                         |   | Certificate                  Eliminating Reference to Series A 7.5% Convertible Preferred Stock                  from                  the Certificate of Incorporation of the Registrant.                                                                                                                                                                                     |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.7[16]                  --                        |   | Certificate                  of Amendment, dated May 23, 2002, to Certificate of Incorporation                  of the                  Registrant.                                                                                                                                                                                                                            |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.8[5]                  --                         |   | Certificate                  Eliminating Reference to Series B 7% Convertible Preferred stock                  from the                  Certificate of Incorporation of the Registrant.                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.9[5]                  --                         |   | Certificate                  Eliminating Reference to Series C 8% Convertible Preferred stock                  from the                  Certificate of Incorporation of the Registrant.                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.10[20]                  --                       |   | Certificate                  of Amendment, filed August 9, 2004, to Certificate of Incorporation                  of the                  Registrant.                                                                                                                                                                                                                          |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.2[2]                  --                         |   | Form                  of Common Stock certificate.                                                                                                                                                                                                                                                                                                                             |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.3[4]                  --                         |   | Warrant                  Agreement, dated January 14, 2000, between the Registrant and Bruce.                  R.                  Kalisch.                                                                                                                                                                                                                                    |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.4[6]                  --                         |   | Warrant                  Agreement, dated April 18, 2000, between the Registrant and Peter                  J.                  Solomon Company Limited.                                                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.5[7]                  --                         |   | Form                  of Warrant issued to each seller of shares of ICTS,                  Inc.                                                                                                                                                                                                                                                                                |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.6[14]                  --                        |   | Common                  Stock Purchase Warrant issued in September 2003, to purchase 45,000                  shares                  of the Registrant’s common stock.                                                                                                                                                                                                   |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 4.7[17]                  --                        |   | Common                  Stock Purchase Warrant issued to placement agent on March 29,                  2004.                                                                                                                                                                                                                                                                   |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.1**                  --                         |   | Amended                  and Restated Employment Agreement between the Registrant and Dr.                  Arol I.                  Buntzman, dated August 12, 2005.                                                                                                                                                                                                           |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.2**                  --                         |   | Amended                  and Restated Employment Agreement between the Registrant and Dr.                  John J.                  McGrath, dated August 12, 2005.                                                                                                                                                                                                            |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.3                  (a)[9] --                    |   | Employment                  Agreement between the Registrant and Richard Goldenberg, dated                  January 1,                  2003.                                                                                                                                                                                                                                  |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.3                  (b)[23] --                   |   | Letter                  agreement, dated June 30, 2005, amending Employment Agreement between                  the                  Registrant and Richard Goldenberg dated January 1,                  2003.                                                                                                                                                                  |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.4[10]                  --                       |   | Amended                  and Restated 1998 Incentive Stock Option Plan of the                  Registrant.                                                                                                                                                                                                                                                                     |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.5[11]                  --                       |   | 2001                  Non-Qualified Stock Option Plan.                                                                                                                                                                                                                                                                                                                         |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.6[9]                  --                        |   | Form                  of Change in Control Agreement used for agreements the Registrant                  has with                  each of Dr. Arol I. Buntzman, Dr. John J. McGrath, and Richard                  Goldenberg,                  dated February 11, 2003.                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.7[1]                  --                        |   | Form                  of Indemnification Agreement. [Used for each director and executive                  officer of the Registrant.]                                                                                                                                                                                                                                         |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.8[4]                  --                        |   | Stock                  Purchase Agreement, dated January 14, 2000, among Bruce R. Kalisch,                  Interboro Holding, Inc. and Interboro Institute, Inc.                                                                                                                                                                                                              |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.9[12]                  --                       |   | Lease                  Agreement between 444 Realty Company and Interboro Institute, Inc.                  dated                  July 27, 1983, as amended by agreements dated September 20, 1988,                  September 1, 1992, and February 1, 1993.                                                                                                                  |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.10[12]                  --                      |   | Lease                  Agreement between Interboro Institute, Inc. JUYI, Inc., dated January                  26,                  2001.                                                                                                                                                                                                                                       |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.11[8]                  --                       |   | Promissory                  Note for $1,000,000, dated August 4, 2003, payable by Interboro                  Institute,                  Inc. to North Fork Bank.                                                                                                                                                                                                              |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.12[8]                  --                       |   | Form                  of the Registrant’s Subscription and Registration Rights Agreement                  relating to the Registrant’s August 1, 2003 issuance of common stock and                  warrants.                                                                                                                                                      |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.13[13]                  --                      |   | Settlement                  Agreement, made October 3, 2003, between Amaranth Trading L.L.C.                  and the                  Registrant.                                                                                                                                                                                                                             |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.14[13]                  --                      |   | Form                  of Share Claim Purchase and Registration Rights Agreement between                  the                  Registrant and each investor acquiring a portion of the Amaranth                  Trading                  L.L.C.’s rights to claims to shares of EVCI’s common stock upon conversion                  of Series B Preferred shares. |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.15[14]                  --                      |   | Third                  Amendment and Lease Extension Agreement, made as of August 1, 2003,                  between 444 Realty Company, L.L.C. and Interboro Institute,                  Inc.                                                                                                                                                                                  |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.16[15]                  --                      |   | Ownership                  and Registration Rights Agreement, dated November 11, 2003, between                  the                  Registrant and JLF Partners I, L.P., JLF Partners II, L.P. and                  JLF                  Offshore Fund.                                                                                                                       |

----

**Table            of Contents**

| 10.17(a)[16]                    --           |   | Employment                    Agreement between the Registrant and Joseph D. Alperin dated                    January 1,                    2004.                                                                                                                                                                                                                                                                                                                                                                          |
|----------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.17                    (b)[23] --          |   | Letter                    agreement, dated June 30, 2005, amending Employment Agreement                    between the                    Registrant and Joseph D. Alperin dated January 1, 2004.                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.18[16]                    --              |   | Option                    Agreement between the Registrant and Joseph D. Alperin dated                    January 1,                    2004.                                                                                                                                                                                                                                                                                                                                                                              |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.19[16]                    --              |   | Change                    of control letter agreement between the Registrant and Joseph                    D. Alperin                    dated January 1, 2004.                                                                                                                                                                                                                                                                                                                                                            |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.20[16]                    --              |   | Agreement,                    made February 28, 2004, between Interboro Institute, Inc. and                    OPEIU Local                    153, AFL-CIO.                                                                                                                                                                                                                                                                                                                                                                |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.21[17]                    --              |   | Securities                    Purchase Agreement, dated March 29, 2004, by and among the Registrant                    and                    each buyer named in the Schedule of Buyers.                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.22[17]                    --              |   | Registration                    Rights Agreement, dated March 29, 2004, by and among the Registrant                    and                    each buyer named in the Schedule of Buyers.                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.23[18]                    --              |   | Ownership                    and Registration Rights Agreement, dated April 2, 2004, by and                    among the                    Registrant and six funds managed by Wellington Management Company,                    LLP.                                                                                                                                                                                                                                                                                     |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.24[19]                    --              |   | 2004                    Amended and Restated Incentive Stock Plan                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.25[20]                    --              |   | Form                    of Stock Option Agreement (Nonqualified Stock Option)                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.26[20]                    --              |   | Form                    of Stock Option Agreement (Nonqualified Stock Option) covering                    option                    grants to executive officers that were approved at the Registrant’s July                    27, 2004 stockholders meeting.                                                                                                                                                                                                                                                       |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.27[21]                    --              |   | Lease                    made November 17, 2003 between Spruce Spires Associates, LP,                    and Interboro                    Institute, Inc.                                                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28                    (a)[22] --          |   | Sublease                    for Premises at 37-02 Main Street, Flushing, NY 11354, dated                    March 28,                    2005, between Genking, LLC and Interboro Institute, Inc. with                    Exhibit                    A and letter agreement, dated April 15, 2005, amending such sublease.                                                                                                                                                                                                 |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28                    (b)[22] --          |   | Consent                    to Sublease, dated April 22, 2005, among Mehran Enterprises Ltd.,                    Futurama                    Home Furniture of Queens, Inc., Genking, LLC and Interboro Institute,                    Inc.                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28                    (c)[22] --          |   | Sublease,                    dated March 30, 2004, between Futurama Home Furniture of Queens,                    Inc. and                    Genking, LLC.                                                                                                                                                                                                                                                                                                                                                                 |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28                    (d)[22] --          |   | Agreement                    of Lease, dated March 6, 2001, between Mehran Enterprise Ltd.                    and Futurama                    Home Furniture of Queens, Inc.                                                                                                                                                                                                                                                                                                                                               |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.29                    [24] --             |   | Stock                    Purchase Agreement, dated June 30, 2005, among EVCI Career Colleges                    Holding Corp., Technical Career Institutes, Inc., East Coast                    Training                    Services of Delaware, Inc., East Coast Capital Corp. and North                    American                    Training Services, Inc., with Exhibits (Schedules will be provided                    supplementally to the Securities and Exchange Commission upon                    request). |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.30(a)[25]                    --           |   | Loft                    Lease dated as of September 1, 2004 between Getty Square Partners                    LLC and                    Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.30(b)[25]                    --           |   | Letter                    agreement dated August 18, 2004 between Getty Square Partners                    LLC and                    Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                                                                            |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.30(c)[25]                    --           |   | First                    Amendment to Lease dated as of July 14, 2005 between Getty Square                    Partners                    LLC and Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                                                                |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.31**                    --                |   | 2004                    Amended and Restated Incentive Stock Plan Restricted Stock Award                    Agreement, dated August 12, 2005, between the Registrant and                    Dr. Arol I.                    Buntzman.                                                                                                                                                                                                                                                                                       |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.32**                    --                |   | 2004                    Amended and Restated Incentive Stock Plan Restricted Stock Award                    Agreement, dated August 12, 2005, between the Registrant and                    Dr. John J.                    McGrath.                                                                                                                                                                                                                                                                                        |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.33                    (a) [26] --         |   | Credit                    Agreement, dated as of September 16, 2005, among the Registrant,                    the                    Guarantors from time-to-time parties thereto, the lenders from                    time-to-time parties thereto and Harris N.A.                                                                                                                                                                                                                                                        |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.33                    (b) ** --           |   | First                    Amendment to Credit Agreement , dated as of November 10, 2005,                    between the                    Registrant and Harris, N.A.                                                                                                                                                                                                                                                                                                                                                      |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.34                    [26] --        |   | Security                    Agreement, dated as of September 16, 2005, among EVCI and other                    Debtors                    and Harris N.A.                                                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.35                    [26] --   |   | Trademark                    Collateral Agreement, dated September 16, 2005, between Technical                    Career                    Institutes, Inc. and Harris N.A.                                                                                                                                                                                                                                                                                                                                               |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.36                    [27] --        |   | Employment                    Agreement, dated as of September 29, 2005, between EVCI and Joseph                    J.                    Looney.                                                                                                                                                                                                                                                                                                                                                                     |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.37                    [27] --        |   | Change                    of control letter agreement, dated September 29, 2005, between                    EVCI and                    Joseph J. Looney.                                                                                                                                                                                                                                                                                                                                                             |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.38**                    --                |   | Lease                    Agreement between Brill & Sharma Equities and Pennsylvania School of                    Business for a term commencing June 1, 2005.                                                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.39                    (a)** --            |   | Net                    Lease, dated as of December 19, 1997, between Overtime Properties                    LLC and                    Technical Career Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                   |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.39                    (b)** --            |   | First                    Amendment of Lease dated as of October 1, 2002 between Overtime                    Properties, LLC and Technical Career Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                          |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.40                    (a)** --            |   | Lease,                    dated October 11, 1994, between F.H.E.A. Associates and Technical                    Career                    Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                                  |
|                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.40                    (b)** --            |   | First                    Amendment of Lease, dated January 20, 1995, between F.H.E.A.                    Associates                    and Technical Career Institutes,                    Inc.                                                                                                                                                                                                                                                                                                                            |

----

**Table              of Contents**

| 10.40                    (c)** -- |   | Second                    Modification and Extension of Lease Agreement, dated April 15,                    2005,                    between Eighth Avenue Limited Liability Company and Technical                    Career                    Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (a)** -- |   | Collective                    Bargaining Agreement between Technical Career Institutes, Inc.                    and T.O.P.                    Local 2110 UAW, AFL-CIO, effective October 10, 1992- October                    9, 1995, and                    covering office clerical employees.                                                                                                                                                                                                                                                                                                                                                                    |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (b)** -- |   | Memorandum                    of Agreement, dated October 10, 1995, between T.O.P. Local 2110                    UAW-AFL-CIO and Technical Career Institutes, Inc., amending collective                    bargaining agreement between the parties covering office and                    clerical                    employees, which was effective October 10, 1992- October 9,                    1995.                                                                                                                                                                                                                                                          |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (c)** -- |   | Memorandum                    of Agreement, dated October ____, 1998, between T.O.P. Local                    2110                    UAW-AFL-CIO and Technical Career Institutes, Inc., amending collective                    bargaining agreement between the parties covering office clerical                    employees, which was effective from October 10, 1995 through                    October 9,                    1998.                                                                                                                                                                                                                             |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (d)** -- |   | Collective                    Bargaining Agreement between Technical Career Institutes, Inc.                    and T.O.P.                    Local 2110 UAW-AFL-CIO effective October 10, 1998-October 9,                    2001,                    covering instructors, laboratory technicians and maintenance                    persons (This                    agreement amends and restates the prior collective bargaining                    agreements                    with the instructors, laboratory technicians and maintenance                    employees.)                                                                                   |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (e)** -- |   | Memorandum                    of Agreement, dated October 10, 2001, between T.O.P. Local 2110                    UAW-AFL-CIO and Technical Career Institutes, Inc., amending (A)                    collective                    bargaining agreement between the parties covering instructors,                    laboratory                    technicians and maintenance employees and (B) collective bargaining                    agreement between the parties covering office clerical employees,                    each                    such prior agreement effective October 10, 1998 through October                    9,                    2001. |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.41                    (f)**    |   | Memorandum                    of Agreement, dated October 10, 2004, between T.O.P. Local 2110                    UAW-AFL-CIO and Technical Career Institutes, Inc., amending (A)                    collective                    bargaining agreement between the parties covering instructors,                    laboratory                    technicians and maintenance employees and (B) collective bargaining                    agreement between the parties covering office clerical employees,                    each                    such agreement effective October 10, 2001 through October 9,                    2004.                          |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 31.1**                    --      |   | Certification                    of Chief Executive Officer required by Rule 13a-14(a) under the                    Exchange                    Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 31.2**                    --      |   | Certification                    of Chief Financial Officer required by Rule 13a-14(a) under the                    Exchange                    Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.1**                    --      |   | Certification                    of Chief Executive Officer pursuant to 18 U.S.C. Section 1350,                    as adopted                    pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.2**                    --      |   | Certification                    of Chief Financial Officer pursuant to 18 U.S.C. Section 1350,                    as adopted                    pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.1[21]                    --    |   | Text                    of final report, dated March 7, 2005, detailing the calculation                    of the TAP                    disallowances resulting from the TAP audit of the 2000-01 through                    2002-03                    academic years of Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                                                                                 |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.2                    [24] --   |   | Press                    Release dated June 30, 2005 related to the announcement of Exhibit                    10.29(a) of this report.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.3                    [27] --   |   | Press                    release dated October 3, 2005 and captioned “EVCI Career Colleges Hires                    Joseph J. Looney to serve as Chief Financial Officer.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.4**                    --      |   | Press                    Release dated October 19, 2005 and captioned “EVCI Career Colleges                    Receives Draft Report of Compliance Review of Interboro                    Institute”                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

| * | Numbers                inside brackets indicate documents from which exhibits have been                incorporated by reference. |
|---|-----------------------------------------------------------------------------------------------------------------------------------|

| ** | Filed                  herewith. |
|----|----------------------------------|

| [1]  | Incorporated                by reference to the Registrant’s Registration Statement on Form SB-2,                filed October 23, 1998, Registration No. 333-66085.                                   |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| [2]  | Incorporated                by reference to Amendment No. 4, dated February 10, 1999, to the                Registrant’s Form SB-2, Registration No. 333-66085.                                        |
| [3]  | Incorporated                by reference to Registrant’s Form 10-QSB for the quarter ended September                30, 1999.                                                                          |
| [4]  | Incorporated                by reference to the Registrant’s Form 8-K dated January 14,                2000.                                                                                           |
| [5]  | Incorporated                by reference to the Registrant’s Form 8-K dated October 6,                2000.                                                                                            |
| [6]  | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2000.                                                                      |
| [7]  | Incorporated                by reference to the Registrant’s Form 8-K dated July 1,                2001.                                                                                               |
| [8]  | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2003.                                                                      |
| [9]  | Incorporated                by reference to the Registrant’s Form 10-KSB for the year ended December                31, 2002.                                                                          |
| [10] | Incorporated                by reference to the Registrant’s Registration Statement on Form S-8 filed                December 31, 2002, Registration No. 333-102310.                                   |
| [11] | Incorporated                by reference to the Registrant’s Registration Statement on Form S-8 filed                October 23, 2001, Registration No. 333-72080.                                     |
| [12] | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2003.                                                                      |
| [13] | Incorporated                by reference to the Registrant’s Form 8-K dated October 10,                2003.                                                                                           |
| [14] | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2003.                                                                      |
| [15] | Incorporated                by reference to Amendment No. 1 to the Registrant’s Registration Statement                on Form S-3, filed December 4, 2003, Registration No.                333-110567. |
| [16] | Incorporated                by reference to the Registrant’s Form 10-KSB/A for the year ended December                31, 2003.                                                                        |
| [17] | Incorporated                by reference to the Registrant’s Form 8-K dated March 29,                2004.                                                                                             |
| [18] | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended June                30, 2004.                                                                           |
| [19] | Incorporated                by reference to the Registrant’s definitive Proxy Statement dated May 2,                2005.                                                                              |
| [20] | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2004.                                                                      |
| [21] | Incorporated                by reference to the Registrant’s Form 10-KSB for the year ended December                31, 2004.                                                                          |
| [22] | Incorporated                by reference to the Registrant’s Form 8-K dated March 7, 2005.                                                                                                             |
| [23] | Incorporated                by reference to the Registrant’s Form 10-Q for the quarter ended March 31,                2005.                                                                            |
| [24] | Incorporated                by reference to the Registrant’s Form 8-K dated July 1, 2005.                                                                                                              |
| [25] | Incorporated                by reference to the Registrant’s Form 8-K dated July 18, 2005.                                                                                                             |
| [26] | Incorporated                by reference to the Registrant’s Form 8-K dated September 16,                2005.                                                                                         |
| [27] | Incorporated                by reference to the Registrant’s Form 8-K dated September 29,                2005.                                                                                         |

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